According to FiinRatings, F88’s capital mobilization and liquidity have significantly improved compared to previous credit rating periods. This enhancement is supported by the effective diversification of funding sources, including private and public bond issuances, partnerships with international funds, and domestic financial institutions. The average funding cost decreased to 14.7% in the first half of 2025, down from 15.6% in 2024, thanks to more favorable borrowing rates and a sharp reduction in hedging costs to 0.8% (from the previous 2-3%).
The upgraded credit rating reflects F88’s continued leadership in the alternative lending sector, along with its strong profitability and asset quality. In the first nine months of the year, F88’s pre-tax profit doubled year-on-year, reaching 603 billion VND, equivalent to 90% of the annual target (673 billion VND). The company’s Return on Equity (ROE) surged from 28.3% in the same period last year to 43% in Q3/2025, with Earnings Per Share (EPS) at 77,704 VND/share, corresponding to a P/E ratio of approximately 13.
F88 has expanded its nationwide presence to 896 stores, forged strategic partnerships, and invested heavily in technology to enhance customer acquisition and conversion from offline to online channels, thereby increasing market coverage.
F88 has expanded its nationwide presence to 896 stores.
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Unlike banks, which rely on customer deposits, F88’s primary funding sources are equity and debt (raised from international organizations, domestic financial institutions, and bond issuances). Debt accounts for 60-65% of total funding, while equity constitutes 35-40%, resulting in a Debt-to-Equity ratio of 1.53 to 1.68.
 F88’s Debt-to-Equity ratio from Q3/2024 to Q3/2025.
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In the first nine months of 2025, F88 secured a landmark agreement to raise 30 million USD (approximately 780 billion VND) with a 2-3 year term from Lendable. This is the largest loan ever granted by the London-based international financial institution to a Vietnamese financial enterprise. Following this, F88’s total funding from Lendable reached nearly 70 million USD.
Previously, F88 raised trillions of VND from international organizations, with outstanding loans reaching 2,487 billion VND as of September 2025, primarily from Puma Asia, Lendable, Indo-Pacific Liquidity Facility, and Lion Asia.
In bond issuance activities, F88 has established itself as a trusted issuer, completing seven issuance announcements since the beginning of 2025, totaling 700 billion VND. This brings F88’s total debt funding (including loans from financial institutions and bond issuances) to 3,448 billion VND, a 19% increase from the beginning of the year.
F88’s bond issuances announced by CBond since the beginning of the year (Unit: billion VND) (Source: CBond)
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FiinRatings also highlights F88’s plan to issue public bonds in 2026.
This public bond issuance can be seen as a significant upgrade for F88, as it requires stricter compliance with regulations to protect investor interests. The higher issuance criteria mean the company must demonstrate robust financial capabilities and adhere to stringent regulations. In return, F88 gains access to a broader public market, higher bond liquidity, and enhanced market reputation.
These factors have helped F88 maintain a stable capital base for its operations, ensuring strong liquidity. According to FiinRatings, F88 effectively utilizes long-term funding for short-term lending, optimizing capital efficiency and liquidity safety. The company also maintains a liquidity buffer equivalent to 2% of the previous year’s total assets to enhance market volatility resilience and risk management.
As per F88’s business report, customer loan balances increased by 40% from the beginning of the year to 6,413 billion VND. Additionally, the company has diversified its revenue streams through insurance and financial services.
F88’s credit rating upgrade is a testament to its transparency, operational efficiency, and strong reputation. Given the capital-intensive nature of its business, this upgrade provides a solid foundation for F88 to continue raising funds through bond issuances and achieve better funding costs due to its higher credit rating.
– 14:21 22/10/2025
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